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I mean a lot of them come from law back grounds. They all have college educaions and many have advanced degrees. Education pays off.
Even if you're a pol, you can build wealth fairly quickly. A minimum salary is $170k. With some discipline and a bit of financial aptitude, you can save $100k in as little as 2 years or so. Compound that savings rate over years and you can easily have $1M in no time. Where we are there are many people worth millions of dollars. There are just a lot of white collar people who work in business, finance, or law. Save, compound, and watch your money explode.
That being said, I do agree that all pols should be banned from owning stock and other financial interest except maybe a well diversified TSP/401k. The insider trading based on covid info was appalling. It's ridiculous a civilian federal worker can't invest in certain stocks, yet politicians can?
Not sure if the law has been changed, but the insider trading laws, in the past, did not apply to Congress members.
There was a book written about all the laws and rules that do NOT apply to the members of Congress. It was written about a decade ago.
Can't think of the title now, but doing a search will probably bring it up.
60 Minutes ran a segment on Congressional insider trading in 2011. The Stop Trading on Congressional Knowledge Act was passed with bipartisan support in 2012 , and signed by Obama.
I mean a lot of them come from law back grounds. They all have college educaions and many have advanced degrees. Education pays off.
Even if you're a pol, you can build wealth fairly quickly. A minimum salary is $170k. With some discipline and a bit of financial aptitude, you can save $100k in as little as 2 years or so. Compound that savings rate over years and you can easily have $1M in no time. Where we are there are many people worth millions of dollars. There are just a lot of white collar people who work in business, finance, or law. Save, compound, and watch your money explode.
That being said, I do agree that all pols should be banned from owning stock and other financial interest except maybe a well diversified TSP/401k. The insider trading based on covid info was appalling. It's ridiculous a civilian federal worker can't invest in certain stocks, yet politicians can?
And doesn't their worth include properties and homes they own? Many bought years ago and appreciated in value.
And doesn't their worth include properties and homes they own? Many bought years ago and appreciated in value.
Yeah, I mean many in Congress who've been there for a while probably bought a small apartment or rowhome in DC during the 90s or early 2000s so they had a place to live. If they still have them they're probably now worth over $1M or more just from the huge appreciation in DC real estate.
The US is a plutocracy. All the individuals complaining that our politicians are getting rich in office keep putting them in office and even shedding their own money to donate for their causes. Of course those same individuals will cry socialism if Heaven forbid the grocery store manager at Kroger who worked his way up is voted into office.
Biden's Secretary of Treasury Janet Yellen was at the center of a leaking scandal. She sat on the Federal Reserve and leaked deliberations to hedge funds before they occurred. She made $ 7 million in speaking and consulting fees from the industry. That is the customary quid pro quo. Former chair Bernanke is hired by Citadel, the largest hedge fund, as an advisor.
The Senate is often compared to the UK's House of Lords for the many millionaires that sit in the chamber. Much of it is due to inherited wealth. And gaining wealth from nepotism because of their family ties.
All representatives spend a lot of their time fund-raising and speaking which can be lucrative. What you see sitting in the chamber are the ones who were most successful at it and incumbency has strong advantages for building wealth through longevity.
The candidates are also groomed by sitting members of Congress, usually serving on their election campaign, and as a result have access to lucrative jobs before they go to Washington.
I highly doubt they are Charles Schwabb when it comes to investing. Thats proof we do need a "Great Reset" in this country. Though for a different reason.
Shush you, you are not suppose to ask those questions. They are obviously very good at investing and fiscal management. How else would our Nation be on such sound financial ground.
Most of them had money before they became "elected"...that's how they are able to afford the job
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